REG - Yu Group PLC - Result of Court Hearing on Capital Reduction

YuAnnouncement

03/07/2024 13:45

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RNS Number : 0240V  Yu Group PLC  03 July 2024

3 July 2024

 

Yü Group PLC

("Yü Group", the "Company" or the "Group")

 

Result of Court Hearing on Capital Reduction

 

Yü Group (AIM: YU.), the independent supplier of gas and electricity, meter
asset owner, and installer of smart meters to the UK corporate sector,
announces that the cancellation of the Company's share premium account (the
"Capital Reduction") was sanctioned yesterday by the High Court of Justice of
England and Wales (the "Court").

The Court order confirming the Capital Reduction and a statement of capital
approved by the Court in connection therewith has been sent to the Registrar
of Companies. The Capital Reduction will become effective upon the
registration of the Court order and associated statement of capital by the
Registrar of Companies. The Capital Reduction, when effective, will increase
the distributable reserves of the Company by £12.28 million.

Further information relating to the Capital Reduction is set out in the
Company's notice of annual general meeting published on 5 April 2024, with the
primary aim to provide flexibility for future distributions by the Company,
should they be appropriate. The Capital Reduction itself does not involve any
distribution or repayment of capital by the Company and does not change the
total number of shares of the Company in issue.

For further information, please contact:

 Yü Group PLC       +44 (0) 115 975 8258

 Bobby Kalar

 Paul Rawson

 Panmure Liberum    +44 (0) 20 3100 2000

 Edward Mansfield

 Satbir Kler

 Anake Singh

 Teneo               +44 (0) 20 7353 4200

 Giles Kernick

 Tom Davies

 

 

Notes to Editors

Information on the Group

Yü Group PLC is a leading supplier of gas and electricity focused on
servicing the corporate sector throughout the UK. We drive innovation through
a combination of user-friendly digital solutions and personalised, high
quality customer service. The Group plays a key role supporting businesses in
their transition to lower carbon technologies with a commitment to providing
sustainable energy solutions.

Yü Group has a clear strategy to deliver sustainable profitable growth (in a
£50bn+ addressable market) and value for all of our stakeholders, built on
strong foundations and with a robust hedging policy. The Group has achieved a
compound annual growth rate of over 60% over the last four years, and has
consistently improved margin and profitability performance. In 2023 the Group
launched Yü Smart and Yü Charge to support growth through new opportunities
in smart metering installation.

 

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